Philippines Market Insights 2017.3.17

フィリピン株式ニュースハイライト

News Highlights: San Miguel (SMC) group posted an 80% increase in its 2016 net income to P52bn as most segments exhibited strong growth, while DMCI Holdings, Inc. (DMC) recorded core net income at P12.1bn, relatively flat from the P12.3bn posted in 2015. On the economic front, the central bank (BSP) stated that it would likely keep interest rates steady despite the recent rate hike move from the US Federal Reserve.

マーケットモニター

各国市場モニター

フィリピン株式市場動向

PHILIPPINES

Mart slightly higher on the aftermath of Fed rate hike, PSEi @7,278: Local bourse inched higher after the US FOMC raised interest rates by 25bps. PSEi added 24 points to 7,278 (+0.34% day-on-day), with most sectors closing higher, save for mining/oil (-0.57%). Among actively-traded shares were: BDO (+P0.80 at P122.80); ICT (+P3.15 at P84.65); and SMPH (+P0.10 at P28.70). Turnover registered at P6.1bn, with gainers overwhelming losers, 102-76. Net foreign outflows reached P118.17.

Might trade slightly lower: Our local bourse might trade slightly lower, following Wall Street’s weak finish overnight. However, the sudden dovish stance of the Fed might shift slowly funds back to the emerging markets including the Philippines. The dovish statement came after the US Federal Open Market Committee (FOMC) did not provide further acceleration of rate hikes, after raising its interest rates by 25bps. On the local side, LTG will announce earnings results for FY16 within the day and could provide some outlook on looming tighter government regulations on tobacco and sweetened beverages. Immediate support is 7,205, resistance at 7,350.

ASIA

Marts higher after BoJ, PBOC and Fed decisions: Bourses in the region closed higher after the central banks made their monetary policy decisions. The Bank of Japan (BoJ) held its rates steady, while the People’s Bank of China (PBOC) raised interest rates by 10bps.

WALL STREET

Equities mostly lower: Shares slipped as investors digested the Fed’s course on raising interest rates. Only Nasdaq (+0.01%) registered gains, while investors will focus on German Chancellor Angela Merkel’s meeting with President Donald Trump.

COMMODITIES

Oil fell on rising US stockpiles: Oil prices closed lower on the back of rising US crude inventories. However, the decline was slightly muted as dollar weakens from the US Fed’s statement that they will not accelerate their plans to raise interest rates. West Texas Intermediate for April declined by $0.11 to $48.75/barrel.

フィリピン国内各企業動向

SMC books P52bn net income in 2016: San Miguel (SMC) group posted an 80% increase in its 2016 net income to P52bn as most segments exhibited strong growth. Net sales grew 2% to P685.3bn brought by various factors such as election-spending, good weather condition, stable interest rate and low inflation. Albeit 2016’s performance, SMC expects 2017 to be another good year across all its segments.

DMC core income registered at P12.1bn: DMCI Holdings, Inc. (DMC) recorded core net income at P12.1bn, relatively flat from the P12.3bn posted in 2015. Lower contributions from its real estate, nickel mining and water businesses. Higher coal prices drove Semirara Mining and Power Corp. (SCC) EBITDA 41% higher at P16.75bn. For DMCI Homes, sales and reservation reached 8,236 units, 55% higher from the previous year. For its water businesses, Maynilad's expiration of income tax holiday pulled its profitability. DMCI Construction earned P938mn for 2016, with current bookings for Cavite-Laguna Expressway (CALAX) and the last bridge for Tarlac-Pangasinan-La Union Expressway (TPLEx).

MWIDE and JGS-FDC bid for Clark: Megawide Construction (MWIDE) and GMR Infrastructure Ltd. of India are awaiting government’s decision on its proposal to develop the Clark International Airport. The group of JG Summit Holdings (JGS) and Filinvest Development Corp. (FDC), however, also submitted an unsolicited proposal to build P187bn world-class airport in Clark Freeport Zone by 2020. GMR Megawide chief Louie Ferrer said that the move to submit a separate proposal construes that both parties believe Clark has a strategic role to play in Luzon Airports System. Meanwhile, the Department of Transportation (DoTr) earlier said that they would be reviewing all unsolicited proposals.

RLC discloses updates on Chengdu China project: Robinsons Land Corp. (RLC) has already obtained the necessary approvals on land title, masterplan and planning permit for its Chengdu project. The product mix of the project is composed of high-rise condominiums (18-storey), low-rise townhouses (4-storey) and few street commercial units standing on a lot area of 8.5-ha with a plot ratio of 2.6x. Construction is scheduled to start in 2Q17, pre-selling in 1Q18. The development will be done in 2 phases. The total estimated sales value is RMB3.8bn (PHP27.2bn).

CHIB completes the buyout of ATC Securities: China Banking Corp. (CHIB) has completed its acquisition of 100% of ATC Securities, Inc. The authorized capital stock of ATC Securities will rise from P38mn to P150mn and the name will change to China Bank Securities Corp. The board of directors of ATC Securities also announced the appointment of Peter M. Mutuc as the President and CEO, subject to regulatory approval.

フィリピン経済指標

BSP likely to maintain rates: The central bank (BSP) stated that it would likely keep interest rates steady despite the recent rate hike move from the US Federal Reserve. BSP Governor Tetangco also said that the Fed action would benefit US trading partners like the Philippines, as it would still indicate Fed’s balanced view for global growth and trade.

LNG project proposals to PNOC flock in: State-owned Philippine National Oil Co. (PNOC) has received unsolicited proposals from 26 groups for its plan to put up a liquefied natural gas (LNG) facility in the country that can house a power plant, storage stations, liquefaction and regasification. PNOC hopes to be able to put the facility in operation by 2019. Of the 26 proposals, 3 are from Singapore, 2 from Korea, 7 from China, 6 from Japan, 2 from Turkey, 1 each from UAE, Spain & Australia and 3 are locals. Note that First Gen Corp. (FGEN), Phinma Energy Corp. (PHEN) and Shell had expressed plans to put up an LNG facility. PNOC declined to confirm if those 3 had submitted proposals. Submission of final proposals is scheduled by end-April.

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